CBN Adds Fresh $100m in Forex Market for Nigerian Pilgrims

Image

By Modupe Gbadeyanka

An additional $100 million has been released into the foreign exchange (forex) market by the Central Bank of Nigeria (CBN) to cater for Nigerians in need of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for pilgrimages.

In a statement issued by its image maker, Mr Isaac Okorafor, the apex bank described as worrisome reports that some banks were not selling forex to genuine customers in need of Dollars to perform their religious rites.

“The Central Bank of Nigeria (CBN) has reliably gathered that some banks are turning back customers that come to purchase BTA/PTA and forex for pilgrimage.

“We hereby appeal to bank customers to go straight to their banks to buy forex as the CBN has supplied enough dollars to the Banks to meet needs in the invisibles segment,” the CBN spokesman said in a statement on Thursday.

The apex bank said it has released additional $100 million into the market to meet demands of Nigerians travelling for pilgrimage.

This comes a day after the central bank injected $210 million into the forex market to cater for the needs of customers.

The CBN had sold $100 million to dealers in the wholesale sector, while those in the Small and Medium Enterprises (SMEs) and Invisibles segments received $55 million each.

According to Mr Okorafor, the fresh $100 million was released to protect customers from the activities of speculators who might want to capitalise on the increase in demand for forex at this time to make brisk gains.

He urged customers to call 07002255226 within 24 hours to report any bank that refuses to sell forex to them.

Share
Related Stories
Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

More Stories
Image
05-June-2022

Nigerians Sue INEC Over Failure to Extend Voter Registration

By Adedapo Adesanya Some concerned Nigerians, including the Socio-Economic Rights and Accountability Project (SERAP), have filed a lawsuit against the Independent National Electoral Commission (INEC) over its failure to extend voter registration despite extending primaries for political parties. They want the court to “declare unconstitutional, illegal, and incompatible with international standards the failure of the electoral body to extend the deadline for voter registration to allow eligible Nigerians to exercise their rights.” Against its earlier stance, INEC recently extended the deadline for the conduct of primaries by political parties by six days, from June 3 to June 9. But the

Image
22-July-2017

Wema Bank Plans to Raise Equity Next Year

By Modupe Gbadeyanka Chief Finance Officer (CFO) of Wema Bank Plc, Mr Tunde Mabawonku, has revealed his company’s intention to raise equity next year. During a conference call this week, Mr Mabawonku said before this, the bank will carry out a tier two capital raise in the third quarter of this year. According to the senior executive of the lender, the 2018 exercise, a tier one capital raise, is aimed to strengthen the bank’s capital ratio. At the moment, the Capital Adequacy Ratio (CAR) for the bank stands at 12 percent and Wema Bank says it targets a 14 percent

Image
14-December-2017

Asian Equities Give up Early Gains to Close Mostly Lower

By Investors Hub Asian markets ended mostly lower on Thursday, with investors digesting a slew of economic reports from the region and reacting to an interest rate hike in the U.S. Although most of the markets in the region started off on a slightly positive note, many of these gave up early gains. In China, the central bank’s decision to increase rates on open market operations weighed on sentiment. The Australian market failed to hold early gains and ended flat, although a few front line stocks managed to register handsome gains. The benchmark S&P/ASX 200 Index declined 10.50 points or

Image
05-August-2017

Ajimobi Re-Launches Joint Security Outfit to Fight Criminals

By Dipo Olowookere Governor Abiola Ajimobi on Friday inaugurated the new Board of Trustees for the Oyo State Security Trust Fund (OYSSTF), even as he declared war on criminal elements in the state. The board, headed by the Deputy Governor, Operations, of the Central Bank of Nigeria (CBN), Chief Bayo Adelabu, was inaugurated at the Executive Chambers of the Governor’s Office, with a mandate to reinvigorate the security outfit. Mr Ajimobi had also inaugurated the newly reconstituted state’s Joint Security Task Force, codenamed `Operation Burst,’ at Idi-Arere, which is considered one of the hot spots in the city of Ibadan.

Image
08-December-2021

Fake News: WhatsApp Introduces #YouSaid Campaign

By Dipo Olowookere A campaign aimed to educate users on ways to verify the information they come across before passing it on has been launched by WhatsApp. This initiative, #YouSaid Campaign, according to the popular messaging platform, will help reduce the spread of false news in Nigeria. “At WhatsApp, all personal messages are protected with end-to-end encryption because the safety and security of our users and their messages are important to us,” WhatsApp Public Policy Lead, Akua Gyekye, stated while commenting on the launch of the campaign. “While we remain committed to creating a safe space for our users to

Image
08-May-2023

Don’t Fall For Investment Promising 20% Monthly Interest—Umeano

By Aduragbemi Omiyale The Chief Economist of the Securities and Exchange Commission (SEC), Mr Okey Umeano, has advised investors not to fall for an investment promising to pay them 10 per cent or 20 per cent of the interest a month on the money they put into the business. According to him, it is almost impossible to see any genuine investment that would give such a return on investment every month. He said in an interview that SEC was making efforts to deal with Ponzi scheme operators and illegal fund managers, urging members of the public to assist the commission

Image
30-January-2021

Ecobank Funds MSMEs to Drive Nigeria’s Economic Recovery

By Ahmed Rahma The pace of Nigeria’s economic recovery has been increased with the provision of N50 billion loan to be disbursed to the Micro, Small and medium scale enterprises (MSMEs) by Ecobank Nigeria. The lender recently secured a N50 billion credit facility and according to its Managing Director, Mr Patrick Akinwuntan, the fund would be deployed to support MSMEs and small corporates in the country. He explained that the move will be very useful to these segments where sourcing funds is quite difficult and access to bank loans is considered as the biggest obstacle to growth. “The proceeds of

Image
09-December-2016

EU Backs IMF Somalia Trust Fund With €1m

By Modupe Gbadeyanka The European Union (EU) has contributed €1 million to the International Monetary Fund (IMF) Somalia Trust Fund as part of its long-standing commitment to support economic governance and capacity development in Somalia. The EU support will contribute to normalizing relations with the International Financial Institutions (IFIs) and lay the groundwork for an eventual resumption of their financial assistance. Somalia is currently ineligible to receive any IMF financial assistance given its $328 million in arrears with the Washington-based institution. The Somalia Trust Fund is one of the tools which is supporting crucial reforms and helps Somalia in its

Ad
Ad
Recent Stories
Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the